Every business needs a plan of attack in good times, but now it is more important than ever. Nearly every client of ours is adversely affected by this virus outbreak. Below are the steps that we are doing as a business, are you doing these? Hopefully, they can make a huge difference in the long run when we are out of these crazy, crazy times.
9 steps you should consider taking
1. Get all your frustrations out
Things are tough, and it’s likely to get tougher. This is a terrible situation. You need to vent, it’s healthy. Speak to us, speak to friends and family, speak to isolation partners! You need to get your frustrations out, just pick someone that isn’t going to indulge them too much!
2. Imagine how you want your business to look on the other side of this
There will be an end to this, and in all likelihood it should be a prosperous environment. Think now about how you want your business to look, run and feel on the other side of this and focus that in your mind now. Then base every decision you make around that.
3. Scenario planning
Now to look at what financial restrictions and pinch points you are likely to see in the coming months. Dan has been in touch about a simple cash flow tool he has created which will work well for this. Try first to scenario plan on the worst case, with no changes to outgoings and exclude any financial help that is available in the form of grants/loans etc. Refer back to Xero or your most recent accounts to ensure you are picking up all costs.
4. Factor in cost cutting
Now take out, or reduce any costs you think you can i.e. cancel newspaper subscriptions for the empty office, delay new hires, postpone capital expenditure etc. Leave no stone unturned.
5. How can the government schemes help you out in the pinch points
Please refer to the other Mailchimps that we have sent out to help you factor in any government incentives that you will be entitled to i.e. rates grants (various available), wage grants (furloughed workers), delaying VAT and July tax payments. If there are still pinch points, extend to looking at the CBILS loans and HMRC Help To Pay scheme
6. Focus on the foundations of your business in the downtime – making them perfect for growth after this
Hopefully, you will now be in a position where you have a plan in place to get through this financially. There will inevitably be downtime coming in the following weeks/months so start planning now how that can be best utilised. Think about the core aspects of your business that need improvement that you have been putting off because of being too busy. Again, keep in mind your vision of the business on the other side of this.
7. Seek opportunities
Turbulent times will create opportunities, keep yourself open to seeing and maximising them even if things aren’t “business as normal”. Don’t be under the illusion that because the world is on standstill that your competitors are, business will still be moving forward.
8. Focus on relationship marketing
Hard selling is going to be tough right now and, in some instances, perhaps immoral! But clients and customers still need support and still appreciate the relationship that has brought them back year after year. So do what you can to add value and deepen the relationships you have with both suppliers and customers.
9. SMASH IT!!
Our clients are imaginative, resilient and awe-inspiring people – we have every faith in you! You might not be able to “go out there and smash it” but we know you will make a difference regardless.